How much will my retirement benefits be reduced if I retire early?

Depending on when a person was born, Social Security begins rewarding benefits between ages 66 and 67. If a person chooses to retire early or late, their benefits are altered.

In the case of early retirement, benefits are reduced 5/9 of one percent for each month before normal retirement age, up to 36 months. If the number of months exceeds 36, then the benefit is further reduced 5/12 of one percent per month.

Delayed retirement credit is generally given for retirement after the normal retirement age. To receive full credit, you must be insured at your normal retirement age. No credit is given after age 69. If you retire before age 70, some of your delayed retirement credits will not be applied until the January after you start benefits.

View the following table on how $1,000 benefits would be effected based on retirement age and view the SSA’s website for more information.

Year of BirthFull (normal) Retirement AgeA $1000 retirement benefit at 62 years old would be reduced toA $1000 retirement benefit at 70 years old would be increased to
1943 - 195466$750$1,320
195566 and 2 months$741$1,307
195666 and 4 months$733$1,293
195766 and 6 months$725$1,280
195866 and 8 months$716$1,267
195966 and 10 months$708$1,253
1960 and later67$700$1,240